REG - Reabold Resources - Update on Reabold California

Reabold ResourcesAnnouncement

30/07/2018 07:05

RNS Number : 0814W
Reabold Resources PLC
30 July 2018
 


30th July 2018
 
Reabold Resources Plc
("Reabold" or "the Company")
 
Update on Reabold California
 
 
Reabold is pleased to announce that workover activity at the Monroe Swell area, in which Reabold holds a 50% equity interest following its recent acquisition of Gaelic resources, is underway and showing initial signs of success. 
Contract operator Integrity Management Solutions is undertaking a four well workover programme, consisiting of the Doud A-1, A-2, A-3 and A-7 wells.  Pumping units have been installed at all four locations, and well intervention work has taken place on the A-3 and A-1 wells, with significant oil shows evident in both wells.
The A-3 well has now been put onto production.  The majority of fluids recovered to date consist of the load water pumped into the well as part of the workover programme; Integrity expect the rate of oil production to increase as this is recovered over the coming days.
The A-1 well will be put onto production shortly, with well intervention work on A-2 and A-7 to follow.
 
Stephen Williams, co-CEO commented:
"In addition to the early cash flow and impressive financial return metrics, a successful workover programme also provides much encouragement for the subsequent drilling activity that will take place on the California assets in the coming weeks and months."
 
Construction of the West Brentwood dilling location will take place this week.  West Brentwood will be the first well to be drilled on Reabold's California assets, and we expect the well to spud in August. 
 
Sachin Oza, co-CEO commented:
"We are delighted that California has already gone into production, and look forward to an extremely exciting next few months, with multiple drilling events taking place across our diversified portfolio of investments."
 
 
ENDS
 
 
 
 
 
 
For further information please contact:
 



Reabold Resources plc
Stephen Williams
Sachin Oza
 


c/o Camarco
+44 (0) 20 3757 4980




Beaumont Cornish Limited
Roland Cornish
James Biddle
Felicity Geidt
 


+44 (0) 20 7628 3396




Camarco
James Crothers
Billy Clegg
Ollie Head
 


+44 (0) 20 3757 4980




Whitman Howard Limited - Joint Broker
Nick Lovering
Grant Barker
 


+44 (0) 20 7659 1234 




Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker


+44 (0) 20 3621 4120



 




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